Despite a challenging year for European fintech start-ups, UK-based payment start-up SumUp has secured €285 million to broaden its international presence. The capital raised in this sector decreased notably in H1, 2023, compared to the same timeframe in 2022. Established in the UK in 2012, SumUp seeks to create a level playing field for small enterprises with its SuperApp, which delivers a range of services for merchants. This funding round marks a significant milestone for SumUp as it demonstrates investors’ confidence in the company’s potential for growth and expansion.
SumUp’s SuperApp and services
With the injection of funds, SumUp will enhance its SuperApp capabilities and support more small businesses in managing their payment processing, business analytics, and digital presence, further cementing its position as a leader in the fintech industry. Some offer services offered by SumUp include an online shop, complimentary business accounts, invoicing solutions, and unified remote and in-person payment options.
The start-up has also recently launched three additional features: a cash advance collaboration with VPC in the UK, Tap to Pay on iPhone in France, the Netherlands, and the UK, and SumUp One — a subscription plan providing popular features at a reduced cost. These new features are aimed at making it easier for small businesses to adapt to the ever-changing commerce landscape and streamline their payment processes. By continuously innovating and offering a wide range of services, SumUp is positioning itself as a one-stop shop for business owners looking to simplify their operations and improve customer experience.
Global presence and growth
SumUp partners with over four million small businesses across 36 international markets, experiencing a 30% growth year-over-year in 2023. Hermione McKee, CFO of SumUp, attributes the company’s expansion to the accomplishments of its merchants and the consistent trust and backing from the investment community. The most recent funding will facilitate the pursuit of growth opportunities and expedite products that support small businesses.
This continuous support and investment have allowed SumUp to create innovative tools and resources, enabling small business owners to succeed in an ever-evolving market. McKee also highlights the company’s commitment to enhancing the customer experience and working closely with their partners to develop meaningful and lasting relationships.
Funding round and investor confidence
Sixth Street Growth, Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group led the funding round. Darren Abrahamson, Managing Director at Bain Capital Tech Opportunities, conveyed confidence in SumUp’s future and their ongoing reinvestment. He emphasized the importance of SumUp’s innovative solutions in simplifying electronic payments for businesses worldwide. Additionally, Abrahamson expressed his belief in SumUp’s potential to create new opportunities for growth and advancement in the financial technology sector.
UK fintech resilience and growth
SumUp’s success demonstrates the UK’s fortitude amid the decline in funding for the European fintech sector. Despite the challenges faced during these uncertain times, the UK continues to nurture its fintech ecosystem, showcasing resilience and innovation. This adaptability has contributed to SumUp’s achievements, promoting sustained growth and development of the industry within the country.
FAQs
What is SumUp, and what does its SuperApp do?
SumUp is a UK-based payment start-up that provides a range of services for merchants through its SuperApp. The app assists small businesses in managing their payment processing, business analytics, and digital presence, offering services such as an online shop, complimentary business accounts, invoicing solutions, and unified remote and in-person payment options.
What new features has SumUp recently launched?
SumUp has introduced three new features: a cash advance collaboration with VPC in the UK, Tap to Pay on iPhone in France, the Netherlands, and the UK, and SumUp One, a subscription plan providing popular features at a reduced cost. These features aim to help small businesses adapt to the changing commerce landscape and streamline their payment processes.
How much funding did SumUp secure in this round, and who were the lead investors?
SumUp secured €285 million in this funding round. The lead investors were Sixth Street Growth, Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group.
What is SumUp’s current global presence, and how has it grown over the years?
SumUp partners with more than four million small businesses across 36 international markets and experienced a 30% growth year-over-year in 2023. The company’s expansion is attributed to its merchants’ accomplishments and the investment community’s consistent support.
How does SumUp’s success reflect the UK fintech industry’s resilience and growth?
Despite declining funding for the European fintech sector, SumUp’s success demonstrates the UK’s ability to adapt, innovate, and nurture its fintech ecosystem. This adaptability has contributed to the country’s growth and development of the fintech industry.
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